Consumer credit reporting company Experian has launched a new open data solution to simplify SME loan application process.

The offering, called Experian Commercial Acumen, minimises paperwork for loan application. It also delivers applicant’s necessary bank account statements to the lender in a secure portal to streamline processing.

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Additionally, it procures information directly from the source to mitigate fraud risks and meet compliance requirements.

According to Experian, the Commercial Acumen will allow banks to set up an application in five minutes.

The company has also signed a partnership with a fintech firm Codat to add small business accounting data to the solution. The addition will enable the banks to receive updated accounting data of the SME applicants through a single API.

Experian managing director of Data Services Lisa Fretwell said: “The manual, paper-based method of applying for finance is archaic and laborious for both lenders and SMEs.

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“Small business owners are often time-poor and only get the chance to fill out a funding application in the evenings, when many lenders are closed for business.

“Commercial Acumen can help SMEs get an answer from a lender in days, not months. It will help challenger lenders to offer an always-on service, so they can securely receive documents 24 hours a day in a format they can quickly get to work with.”

Financial institutions of all sizes can use the solution. On the other hand, it will enable small business customers to submit applications online after regular working hours.